At the press conference, Khera also recapped previous conflict of interest allegations levelled by the Congress against Buch.”From September 2, 2024, the Congress started unravelling the long-kept secrets of the current SEBI Chairperson Madhabi Buch on how she has been deceiving the people of India,” he said.He pointed to the Congress’ earlier allegation that the current SEBI chairperson drew an income of Rs 16.8 crores from the ICICI Bank and ICICI Prudential in the form of salary, ESOPS, TDS on ESOPs, while also drawing a salary from the SEBI was brought to the forefront.”Shockingly, the SEBI was also adjudicating complaints against the ICICI and its affiliates during this period,” he said.In lieu of a clarification issued by the ICICI Bank, the Congress presented facts with regard to questions raised on “retiral benefits”, “ESOPs”, and “TDS on ESOPs”.So far, ICICI has not responded to our newly- presented facts, Khera said.”We disclosed that Ms. Madhabi P. Buch rented her property to ‘Carol Info Services Limited’, an affiliate of Wockhardt Limited, between 2018-2024.Wockhardt has been under SEBI’s investigation for cases, including that of insider trading,” he said.”We exposed Ms Madhabi P. Buch’s public lie that Agora Advisory Pvt Ltd became ‘immediately dormant’ upon her joining SEBI. She still holds a 99% stake in it, and the company has actively provided consultancy/advisory services, receiving Rs 2.95 crores from six SEBI-regulated entities between 2016-2024,” Khera added.Through their response, Dr.Reddy’s Laboratories and Pidilite confirm that they made payments to Dhaval Buch via Agora Advisory Private Limited, the Congress leader said.The payments from listed companies, which are regulated by the SEBI to Agora Advisory Private Limited violate Section 5 of Code on Conflict of Interests for Members of Board (2008), he said.”Further, Mahindra & Mahindra must clarify whether they paid large sums to both Dhaval Buch personally and his joint consultancy, Agora Advisory Private Limited, in which Madhabi Buch holds a 99% stake. If yes, did Mahindra & Mahindra fail to conduct KYC and due diligence before transferring substantial public funds to Agora Advisory Private Limited?” he said.”If Dhaval Buch was paid Rs 4.78 crores personally, they must also clarify the payment of Rs 2.59 crores to Agora Advisory Private Limited, a supposedly ‘dormant’ company,” Khera said.The Congress’ allegations come weeks after Hindenburg Research launched a fresh broadside against Buch, alleging that she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.
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